Legislation
The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law. The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public.
From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP. Recently issued UK FRSs have, in any case replicated the wording of corresponding IFRSs, reducing the differences between the two sets of standards significantly.
Read more about this topic: Generally Accepted Accounting Practice (UK)
Famous quotes containing the word legislation:
“The laboring man and the trade-unionist, if I understand him, asks only equality before the law. Class legislation and unequal privilege, though expressly in his favor, will in the end work no benefit to him or to society.”
—William Howard Taft (1857–1930)
“Statecraft is soulcraft. Just as all education is moral education because learning conditions conduct, much legislation is moral legislation because it conditions the action and the thought of the nation in broad and important spheres of life.”
—George F. Will (b. 1941)
“Coming out, all the way out, is offered more and more as the political solution to our oppression. The argument goes that, if people could see just how many of us there are, some in very important places, the negative stereotype would vanish overnight. ...It is far more realistic to suppose that, if the tenth of the population that is gay became visible tomorrow, the panic of the majority of people would inspire repressive legislation of a sort that would shock even the pessimists among us.”
—Jane Rule (b. 1931)